Dwayne Edwards Accused Of Fraud By SEC
The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]